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  • Statement Of SEC Acting Chair Allison Herren Lee On Contingent Settlement Offers

    Date 11/02/2021

    In consultation with the Divisions of Enforcement, Corporation Finance, and Investment Management, today I am taking action to reinforce the critical separation between the Commission’s enforcement process and its consideration of requests for waivers from automatic disqualifications that arise from certain violations or sanctions. To ensure that these processes remain fair and serve investors’ interests, the Division of Enforcement will no longer recommend to the Commission a settlement offer that is conditioned on granting a waiver. This return to the division’s long-standing practice ensures that the consideration of waivers is forward looking and focused on protecting investors, the market, and market participants from those who fail to comply with the law.


  • Corporate CUSIP Request Volume Gets Off To Slow Start In 2021

    Date 11/02/2021

    CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for January 2021. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity over the next quarter, found a monthly decrease in request volume for new corporate and municipal identifiers. On a year-over-year basis, total CUSIP request volume for corporate securities declined, while municipal volumes were roughly flat with 2020 levels.

  • SIA Preliminary Consolidated Financial Results At 31 December 2020 Approved - Revenues And EBITDA Growth Trend Confirmed Despite The Covid-19 Effect

    Date 11/02/2021

    • Revenues of €748 million (+2% YoY), at an accelerating pace in the fourth quarter of 2020, despite the second nationwide lockdown. About 50% related to the installed base, fee-based services and development activities, not impacted by the contraction in volumes
    • EBITDA of €285 million (+3% YoY) and with a 38% EBITDA margin. Result obtained entirely on an organic basis and without contributions from M&A activities
    • Net debt at €688 million (2.4x EBITDA), significantly lower than in 2019 (2.9x EBITDA)
    • In the fourth quarter of 2020, revenues reached €222 million (+7% q/q) with EBITDA at €89 million (+13% q/q)
    • Confirmation of the resilience of the business model and the ability to start up and complete new partnerships with banks and large corporates
    • Guarantee of operational continuity and support in important development projects of Italian and international clients despite the limitations imposed by Covid-19
    • The path of integration with Nexi continues as planned: binding agreements signed today

  • UK Financial Conduct Authority Commences Criminal Proceedings Against Two For Insider Dealing

    Date 11/02/2021

    The Financial Conduct Authority (FCA) has commenced a criminal prosecution against Stuart Bayes and Jonathan Swann for insider dealing.  

  • BIS: Do Macroprudential Policies Affect Non-Bank Financial Intermediation?

    Date 11/02/2021

    Summary

    Focus

    The Great Financial Crisis (GFC) of 2007–09 has highlighted the limits of traditional policies in addressing the potential negative effects of credit and asset price cycles on financial stability. In response, central banks and regulators have increasingly relied on long-advocated macroprudential policies (MaPs). Together with various other post-GFC reforms, including the Basel III framework and closer supervisory oversight, MaPs have increased the resilience of banking systems around the world. However, two factors may limit the efficacy of MaPs for overall financial stability: the growth of a less regulated non-bank financial intermediation (NBFI) sector; and the possible presence of spillover effects across jurisdictions.